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Health Insurance Market 2020 growth factors, latest trend and regional analysis of leading players by 2025

Author : Ronak Bora | Published Date : 2020-09-16 

Health Insurance Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Regular occurrences of long-term diseases will bolster the health insurance industry trends in the next few years. This rise can be attributed to the changing dietary habits, lack of physical activities, poor nutrition, excessive alcohol use, and tobacco consumption.

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Various Government-backed initiatives by several programs like State Children's Health Insurance Program, Medicaid, Life programs, Department of Defense, TRICARE are employed to provide health insurance policies. Centers for Medicare & Medicaid Services (CMS) revealed that National Health Expenditure (NHE) grossed over USD 3.5 trillion that made up 3.9% of the annual revenue shares in 2017.

However, time-consuming claim reimbursement procedures may impede the business for health insurance policies. Reportedly, the global health insurance market size is anticipated to surpass USD 1.5 trillion in yearly revenues by 2025.

Health maintenance organization (HMO) segment is predicted to witness around  4% CAGR of the through 2025. Factors recognized for driving the demand for this segment are profits from healthcare and minimum cash premiums and modest health maintenance organization family plans that manifest lower expenses.

Recently, Kaiser Permanente’s HMO plan in Washington was rated number one in the state and also received a top ranking for helping people who were suffering from acute conditions, along with aiding people who were suffering from chronic diseases. According to 2018 eValue8 survey, Kaiser Permanente Washington comprises of the most successful programs in the country, from effective health plans for its HMO members to control acute and chronic conditions.

A gist of North America health insurance industry trends

Reports indicate that in the year 2016, 91.2% of Americans had health insurance coverage – the number has been noted to be higher than the rate in 2015. Another 17 million Americans purchased health insurance for themselves from the private insurance market and around 100 million are covered by government firms. Rapid proliferation of the health insurance market has benefited majority of Michigan residents having health insurance.

As per Michigan’s state department of Health and Human Service, many individual health insurances are covered by HMOs which had  amplified HMO enrollees by 28% in 2017. Michigan’s expanded Medicaid plan for providing healthcare policies to working residents and a low-income group had significantly propelled the accessibility of the healthcare industry. The uninsured rate in the U.S. fell from a peak of 18.2% in 2010 to 10.5% by 2015, driven by economic growth and Obamacare. This indicates that the health insurance market share of the U.S. can be anticipated to experience a substantial increase in the coming years.

Elaborating further, the region, along with Canada, has been experiencing an increase in healthcare awareness and the significance of medical care insurance. The presence of a supportive regulatory spectrum for insurance companies in the U.S. in tandem with the increase in chronic disease occurrence rate will drive North America health insurance market, that help over 33% of the global revenue share in 2018.

Prominent industry players in health insurance market such as Kaiser Permanente, Blue Cross Blue Shield Companies, Wellcare and United Healthcare are allowing better access to healthcare policies for enhancing their customer base and ensuring that customers get the best healthcare services according to their requirements. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/health-insurance-market

Partial Chapter of the Table of Content 

Chapter 4.     Health Insurance Market, By Service Provider

4.1. Key segment trends

4.2. Private

4.2.1.  Market size, by region, 2014-2025 (USD Billion)

4.3. Public

4.3.1.  Market size, by region, 2014-2025 (USD Billion)

Chapter 5.     Health Insurance Market, By Type

5.1. Key segment trends

5.2. Hospitalization insurance

5.2.1.  Market size, by region, 2014-2025 (USD Billion)

5.3. Critical illness insurance

5.3.1.  Market size, by region, 2014-2025 (USD Billion)

5.4. Income protection insurance

5.4.1.  Market size, by region, 2014-2025 (USD Billion)

5.5. Medical insurance

5.5.1.  Market size, by region, 2014-2025 (USD Billion)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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